The long-awaited staredown between the new, cash-strapped Jet regime and representatives for the shoulder-strapped franchise quarterback unfolds today at the NFL Combine in Indianapolis.

The Eric Mangini-Mike Tannenbaum Jets, in full demolition mode, fired the first wrecking ball when they asked Pennington to take a 2006 paycut from $9 million to $1 million, then extolled the selfless virtues of Curtis Martin when the running back played ball with a sizeable restructuring ($8.2 million to $4) of his contract.

Pennington has a $3 million roster bonus due March 3. The Jets, further disoriented by the prospect of an uncapped 2007 now that Gene Upshaw has left Indianapolis with no collective-bargaining agreement, do not want to pay it. At all costs.

Tom Condon, Pennington’s agent, will present his case today.

His case: Pennington’s latest rehab, from his second rotator cuff injury, is going well. If you cut Pennington, he will count $12M against the cap anyway, and you will need two other quarterbacks.

The Jet case: It is obvious that we cannot possibly put all our eggs in Pennington’s basket. Pennington has pocketed $22 million for 18 games; the former coach gambled and lost on his comeback from the first rotator-cuff injury. And the new coach and new GM envision Vanderbilt’s Jay Cutler as the next franchise quarterback.

“They should just split the difference,” one agent said. But then he added: “Mike is gonna be a lot tougher guy than [former GM Terry] Bradway was.”

If the voices of reason prevail, then Pennington will remain a Jet, and all indications point that way. If the Jets didn’t want him, they would have whacked him already. If Pennington didn’t want the Jets, he would have told them to take this job and shove it already after being publicly slapped in the face by the proposed $8 million paycut.

Pennington has been working out again at the IGM Academies in Bradenton, Fla., under the guidance of trainer Dave Donatucci. “I can’t say anything,” Donatucci said last night.